To attract sustainable inflow of foreign direct investment (FDI), Binh Duong has implemented a renovation program to attract investment in period 2016-2020, which aims to attract $7 billion for the whole period. But by the end of 2019, Binh Duong finished this target earlier than expected as it reached more than $10.2 billion. Thus, Binh Duong exceeded both the amount of investment capital as well as the completion time compared to the plan, again confirming the advantage in FDI attraction.
Manufacturing activities at Chutex Company, Song Than Industrial Park, Di An City.
Effective breakthrough
In recent years, in order to meet the investment development need, the province has set up appropriate strategies and policies, actively attracted domestic and foreign resources, of which FDI capital has a very important meaning in development process of the province. According to statistics of Department of Planning and Investment, to be accumulated, Binh Duong continues to be ranked second in the country (after Ho Chi Minh City) in FDI attraction, with 3,780 valid projects having granted investment registration certificate, with a total registered capital of $34.33 billion, accounting for 9.48% of the country's total FDI capital. The average project size is about $9.11 million. In which, 2,391 projects invested in industrial parks with total capital of $23.1 billion, accounting for 67% FDI capital in the province.
There are 65 countries and territories registered to invest in Binh Duong. In which 7 countries and territories such as Japan, Taiwan, Singapore, Korea... have a total investment capital that makes up more than 75% of total investment capital of the province. Japan is the leading country with 313 projects and total registered capital of over $5.61 billion, accounting for 16.3% FDI capital. New FDI projects are still mainly in processing and manufacturing industries, most of which are invested in industrial zones with the purpose of building factories for manufacture of export products and domestic consumption. This shows that the province has attracted large projects, in accordance with provincial policies on investment attraction and industrial development planning to develop a number of important economic sectors such as processing industries... In addition, FDI enterprises help Binh Duong integrate deeply into the international economy.
Tran Thanh Liem, Chairman of Provincial People's Committee, said that Binh Duong issued many important and drastic policies, implemented solutions to improve the investment environment, constantly improved its competitiveness to attract FDI capital and stimulate the economy. In addition, Binh Duong also gathers all resources to form and develop industrial parks and clusters to invite foreign investors. This effort plus the available advantages create the satisfaction and confidence of investors.
To turn towards sustainability, high technology
In recent years, Binh Duong has issued important policies to attract FDI, encourage economic growth, gather all resources to form and develop industrial zones and clusters to meet the demand of domestic and foreign enterprises. Binh Duong always strives to improve investment environment, upgrade infrastructure to better serve the demand of investment attraction.
As early as 2016, Binh Duong has renovated its development model, created breakthrough in investment attraction, formed new growth motivation for sustainable development by the implementation of the Binh Duong Smart City project, including the application of the Triple Helix model (state-universities-enterprises) to mobilize investment resources. In addition, in order to perfect investment mechanisms and policies and create a favorable business environment to support investors, Binh Duong regularly holds dialogues, talks with FDI enterprises and programs to support investors in order to listen to their aspirations and solve their concerns. Thereby, facilitating the production growth and business activities of enterprises.
According to foreign investors, due to the consistency of innovation method in investment attraction, the advantage of modern industrial park infrastructure, Binh Duong has become the preferred destination of foreign investors. Kim Won Sik, Chairman of Korean Business Association in Binh Duong, said: "We appreciate the efforts, determination of Binh Duong to improve the investment and business environment. Especially the thinking of provincial leaders always be innovative, and consistent perspectives in direction, performance. This is one of the key factors for FDI investors to come and have long-term commitment to Binh Duong. In this way, FDI investors are also ready to connect the province with other investors".
Binh Duong is continuing improving investment environment, enhancing competitiveness, accelerating the reform of administrative procedures, and creating all good conditions, the most favorable environment for FDI enterprises. Furthermore, the province gathers all resources for completing the socio-economic infrastructure, expanding industrial zones, creating clean land fund to attract investment, training human resources, building social housing for workers to provide adequate and timely labor source for enterprises.
Mr. Liem, Chairman of PPC, said Binh Duong would continue to call for investment resources, and determined that FDI attraction had an important role. However, investment attraction must aim at sustainable development, environmental protection, ensuring the harmonization of interests of the state-enterprises-people. The province pays special attention to investment attraction in a selective manner, gives priority to projects that employ environmentally friendly technologies; encourage and give incentives to foreign investment in high-quality services; build transport infrastructure to ensure faster connection with other domestic and international regions, especially in key areas.
Reported by Ngoc Thanh - Translated by Ngoc Huynh
